R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 1 January 11 - 24, 2013 Contributing Columnist Heather Kreiger
126-unit, community located in Rochelle Park, a Bergen County, NJ Marcus & Millichap’s McConnell & McCrann secure $15m multifamily sale
R
OCHELLE PARK, NJ — Marcus&Millichap Real Estate Invest-
properties is extremely strong throughout New Jersey, and this was an exceptional oppor- tunity in an excellent location,” added Robert Holland , presi- dent and co-managing director. “Morris County has low vacancy and increasing rents. Jon pro- cured an aggressive buyer able to close quickly. The sale was completed within 45 days of contract signing.” The property is located in suburban Dover approximately 30 miles west of New York City. Constructed in 1964, it consists of four brick garden-style build- ings with a combination of stu- dios and one and two bedroom units on over two park-like acres. Financing was provided by Spencer Savings Bank . The seller was represented by An- thony Melleli, Esq . and the purchaser was represented by Jonathan Mehl, Esq. At the time of closing, the property was 100%. n domestic.” “What is unique about this transaction is how infrequently garden apartment complexes with over 100 units trade in Bergen County,” adds Mc- Crann. “You can count on one hand how many similar apart- ment complexes have sold since 1999.” Built in 1964, Swan Court Apartments is located at 235 W. Passaic St. across the street from a 24-hour ShopRite-an- chored shopping center and is within walking distance of the Garden State Plaza Mall. The property is ideally located between the Garden State Parkway, State Route 4, State Route 17 and Interstate 80. Swan Court Apartments is the 55th investment real estate transaction McConnell and McCrann have closed since the market shifted in 2009. Since then, they have arranged an average of more than one trans- action per month. n
ment Services , the nation’s largest real estate investment services firm, has arranged the sale of Swan Court Apart- ments, a 126-unit garden-style apartment community located in Rochelle Park, a Bergen County township. The $15 mil- lion sale price equates to a 5.6 percent cap rate and $119,048 per unit. Thomas McConnell, CCIM and Kevin McCrann , senior associates in Marcus & Mil- lichap’s New Jersey office, represented the seller, Genwill Co. LLC, the builder, owner and manager of the property until the sale. McConnell and McCrann also represented the buyer, Real Estate Growth Advisors LLC , a Highland Park based real estate invest- ment and management com- pany specializing in multifam- ily assets.
2A
Cushman & Wakefield inks sale of LV Industrial asset for $21.3m
Swan Court Apartments
“The Bergen County mul- tifamily marketplace is an extremely competitive envi- ronment with exceptionally high barriers to entry,” says McConnell. “This was the first
time the Swan Court Apart- ments had been available for purchase and the offering garnered a great deal of atten- tion from public and private investors, both foreign and
5B
2013 Forecast
VP Greenberg of The Kislak Co. represents both parties in $11.45 million sale of Dover Hills apt.
Mid Atlantic R eal e state J ouRnal 2013 F orecast
MidAtlantic RealEstateJournal—January11-24,2013—SectionC
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DOVER, NJ — The Kislak Company, Inc. announced the $11.45 million sale of Dover Hills, a 100-unit apartment complex. Vice president Jona- than Greenberg represented both parties, longtime Kislak clients, in the transaction. “It is rare that a property of
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Section C
Directory
New Jersey. ................................. 9-22A Southern NJ Spotlight. .............. 15-19A Green Buildings......................... 27-29A People on the Move....................... 26A Pennsylvania..........................section B 2013 Forecast......................... Section C
Dover Hills
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this size and quality becomes available in such a high de- mand area where multifamily properties rarely trade,” said Greenberg. “We are extremely pleased to have been given the
opportunity to market Dover Hills on an exclusive basis. And I believe the sale was the largest single multifamily sale in Morris County this year.” “The market for multifamily
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A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal MAREJ A dvertisers D irectory Bergman Real Estate...................................................... 12A BL Companies.................................................................... 7B Blake Real Estate............................................................ 15C Brasler.............................................................................IC-B Bussle Realty Corp.......................................................... 11A Cenova.............................................................................. 27A Cooper Horowitz................................................................ 7A Cushman & Wakefield.............................................. 17A, 5B Doroshow Pasquale KR................................................... 27A Earth Engineering.................................................... 12A, 2B Eastern Union Commercial. ........................................... 10C Fowler Route Company................................................... 27A Griffin Land....................................................................... 7B Hinerfeld Realty Co..................................................... IBC-A Hinerfeld............................................................................ 1B ICREW NJ....................................................................... 20A Jackson Cross Partners................................................... 14C Kaplin Stewart. ........................................................... 2A,2C Keast & Hood............................................................... IBC-B Landcore........................................................................... 10B Landmark Engineering..................................................... 3C Longview Investments...................................................... 3A M Miller & Son.................................................................. 3A Marcus & Millichap........................................................... 5C Meridian Capital Group................................................BC-C Metro Commercial............................................................. 7C NAI Summit....................................................................... 7B NRC.................................................................................... 1A PenCapp Properties........................................................... 7B Poskanzer Skott Architects............................................. 21A R&J Control..................................................................... 12C Regal Bank............................................................ 14A, BC-A RT Environmental............................................................. 4B Sebco Laundry Services. ................................................. 10A SHELDON GROSS Realty.............................................. 10A Subway......................................................................... IBC-A The Green Group............................................................. 11C The Kislak Company....................................................... 14A Tristate REAELTORS...................................................BC-A Whitesell.......................................................................... 13A WOLF Commercial Real Estate. .................................... 16A
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Mid Atlantic R eal E state J ournal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ................................................................Elaine Fanning Section Publisher ..................................................................Andrew Hicks Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ....................................................................Joanne Gavaza Editorial Consultant .............................................................. Ben Summers Guest Columnist .................................................................Heather Kreiger Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 25 Issue 1 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
By Heather Kreiger How to Use Competition Mapping for Site Selection
C
ompetition mapping offers a quick and easy visual guide of nearby
competitors to a selected site. A retailer looking to open a location in a new area should take competitor data into ac- count when analyzing specific locations. If you were looking to open a pizza shop, you prob- ably would not want to do so in a building that has 6 other competing pizza shops within a 2 block radius. You would more than likely want to be located in an area where there are few competing businesses. According to the SBA (U.S. Small Business Administra- tion), one of the essential ele- ments of a good business plan is a market analysis which includes research on your busi- ness industry, the market, and your competitors. A competitor analysis can include identifying who your competition is, where they are located, the types of products and services they offer, hours
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
of operation, marketing tactics they use, etc. Knowing where your competition is located can be a primary factor in the market you target and site that you choose. Amore in-depth approach to competition mapping is what is known as a gap analysis. A gap analysis is a report that is compiled from competitor data and market information on a specific location or target area to determine whether there is a surplus or shortage (known as “gaps”) of a product or service. While competition mapping is quick and easy and gives you a visual and understanding of
where your competitors are located, a gap analysis can include much more: • Overall market/location in- formation • Resident lifestyle and shop- ping habits • Business and workforce mix • General demographics such as population and income • Competition data On the flip side, competition mapping and gap analysis can be used to help a new business venture determine the best lo- cation, they can also be used to help effectively market proper- continued on page 3A
Contact: Jeffrey A. Silberman 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart At t o rne y s a t Law Getting you through the maze of real estate law. Strategy. Skill. Success.
To advertise, call 1-800-584-1062
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Mid Atlantic Real Estate Journal — January 11 - 24, 2013 — A
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M id A tlantic R eal E state J ournal And 12.54 acres of land sale in York County, PA Springwood Commercial brokers 7,068 s/f in deals
They wrote the policy.
We make sure they write the check.
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hambersburg, PA — Springwood Commercial Realty
recently com- pleted the fol- lowing trans- actions: O u t d o o r Living LLC of Chambers- burg signed a lease with an option to pur-
M. MILLER & SON Public Adjusters Since 1960
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1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
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chase for a 4,000 s/f building on a 0.50 acre parcel located at 1782 Lincoln Way East. Keith Kahlbaugh of Spring- wood Commercial Realty rep- resented the landlord in this transaction. Keeping It Green Outdoors leased 2,850 s/f of mixed use space at 296 Pleasant Acres Rd., Springettsbury Township. Kahlbaugh represented the landlord. Two contiguous parcels of commercial land located just off I-83 in York County were purchased by an undisclosed buyer. The 12.54 acres are pro- posed to be developed in 2013. The transaction was brokered by Kahlbaugh. CDI Fitness LLC leased a 2,218 s/f retail space at 2290 Industrial Highway, Spring- ettsbury Township. The space will be used for a Cross Fit training facility. Kahlbaugh represented the landlord. n ties to potential buyers/lessees. For example, an owner of a shopping center seeking new tenants for vacant spaces can use a gap analysis to deter- mine what types of products or services are needed in the market the shopping center is
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E CONOMIC D EVELOPMENT
stheCapitalCounty ofNewJersey,Mer- cerCountyboasts ByBrianM.Hughes,OfficeOfEconomicDevelopmentAndSustainability Message From Mercer County Executive: Spotlight On Mercer County, New Jersey A MercerCountyjobswerecre- atedorretainedand76%of thosebusinesseswereeither women- orminority-owned.
MercerCountypossesses one of themost skilledwork- forcesintheUnitedStates, ishometosomeofthelead- ingFortune500companies, andhasanunemployment ratethatiswellbelowthe nationalaverage,makingita greatplaceforbusinessesand residents to locatehere. Forbusinessowners,fi- nancialassistancemightbe availabletoyou.Throughour LoanFund,weprovideupto $125,000tostartorexpand abusiness.SincetheLoan Fund’sinceptionin2000,639
Whilethenationcontinues tocopewithescalatingcosts andweakenedfinancialmar- kets,wearemovingforward withplannedprojectsbecause oftheconfidencewehavein ourprivatesectoremployers andourworkforce.Recently, severalofourhighereduca- tioninstitutions—Princeton University,RiderUniver- sity,TheCollegeofNew Jersey,ThomasEdisonState CollegeandMercerCounty CommunityCollege—have undergoneexpansionsor announcedplanstoexpand. Theinstitutionstogether
representnotonlyourpride ineducation,butaflourish- ingemploymentsectorthat createsjobs,encouragestour- ism,andbringsstabilityto our economy. Intheburgeoningfieldof healthcare,MercerCounty sawexplosivegrowthwith therecentgrandopeningof CapitalHealth’snewstate- of-the-arthospitalandthe expandedPediatricsEmer- gencyServicesatRobert Wood Johnson atHamilton. MercerCountyconstitutes anideallocationforbusiness andrealestatedevelopment alikebecauseofourproximity totheNewYorkandPhiladel- phiametropolitanareasand alsobecauseofourexcellent transportationinfrastruc- ture,boastingtransportation optionsforcommutersthat fitwitheverylifestyle.Mer- cerCountyhasthreemajor trainstationsalongtheNJ TransitNortheastCorridor Line;easyaccesstotheNew JerseyTurnpikeandmany majorexpressways;anexten- sivebussystem;andspecial transportationresourcesfor seniorcitizensandpeople withphysicaldisabilities. Trenton-MercerAirportalso allowsforconvenientcorpo- ratetravelforvisitorstothe Tri-Statearea. Jobcreationandenhanc- ingourworkforceisourtop priority.Oursmallbusiness loansandOne-StopCareer Centerhaveputpeopleback toworkorre-trainedwork- erswithnewskills.Infact, certainindustrysectorshave evendemonstratedgrowth: Professional,Scientificand TechnicalServicesandWare- housingandTransporta- tion. Currenttrendsindicate theeconomicbaseinMer- cerCountywillbestable thisyear,whichmakesnow anidealtimetolookinto investinginNewJersey’s CapitalCounty.Formore informationabouteconom- icdevelopmentinMercer County,contactourOfficeof EconomicDevelopmentand Sustainabilityat(609)989- 6555orvisitourwebsiteat www.mercercounty.org. BrianM.Hughes serves asMercerCounty,NJEx- ecutive. ■
oneofthe strongest andmostdi- verseecono- miesinthe nation.We continueto build our reputation asatoploca-
Weknowthatemployers areeagertogiveunskilled workersachancebutdon’tal- wayshavetheresourcestodo so.OurOntheJobTraining (OJT)grantprogramoffers asix-month50%reimburse- mentofanewemployee’s wages.Throughtheprogram, employersareabletotakea chanceonanewemployee withthegoalofofferingper- manentplacement.
BrianHughes
tionfornewbusinessesand prideourselvesonoureco- nomicstabilityandgrowth againststateandnational trends.
BoardofChosen Freeholders AnnM.Cannon AnthonyP.Carabelli JohnA.Cimino PasqualeColavita, Jr.
SamuelT.Frisby AndrewKoontz LucylleR.S.Walter
BrianM.Hughes CountyExecutive
2290 Industrial Highway
MercerCounty
APlace toBuild andGrowYourBusiness
Oneof themost skilledworkforces in theUnitedStates
How to Use Competition Mapping for Site Selection . . . continued from page 2A
Home to someof the leadingFortune500companies
Abundantbusiness resources that include theMercer CountyLoanFund, freeand informativebusiness seminars,on the job training incentivesand the MercerCountyForeignTradeZone.
located in. This type of strat- egy could help reduce “haphaz- ardous marketing plans” that can be costly and ineffective. A gap analysis can be used to determine what types of ten- ants to look for and as a way to entice those tenants to lease spaces.
Overall, the keys to any successful business venture are to know your market and use your tools and resources wisely. Heather Kreiger is direc- tor of research for ROCK Commercial Real Estate, LLC. n
MercerCountyO ceonEconomicDevelopment& Sustainability ElizabethMaherMuoio,Director (609)989-6555 www.mercercounty.org
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A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions Mid Atlantic R eal E state J ournal N e w J e r s e y • P e n n s y lva n i a • D e l awa r e • M a ry l a n d • W a s h i n g t o n D . C . • V i r g i n i a • Auctioneers Directory NJ-PA-DE-NY-MD-VA DE, PA, NJ PA-MD-VA-W.VA
Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
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Mid Atlantic Real Estate Journal — January 11 - 24, 2013 — A Arranging a $19m new construction loan for a 116-unit luxury rental project Scott of Commercial Mortgage Capital closes two multi-family deals totaling $34m F inancial D igest
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L
IVINGSTON, NJ – Mark Scot t ’s Commercial Mort-
product trade anywhere from a 4% to 4.8% cap – an indi- cation that this product is indeed favored by investors. However, we are also seeing an increased interest among investors looking to purchase older product at a lower ba- sis since there is ultimately more upside following either a cosmetic renovation or major rehab.” He also noted that the office and industrial markets, which have tradi- tionally been more sluggish than multifamily, are also picking up some noticeable momentum. CMC arranged a $19-mil- lion new construction loan for a 116-unit luxury rental project located in Rahway, NJ. The property will consist of units ranging from 785 s/f, one-bedroom/one-bath homes to 1,320 s/f, two-bedroom/ two-bath residences. The building will also contain a large lower level lobby with In other news, Procida Funding & Advisors an- nounces that it has engaged Cortland Fund Services, LLC as fund administrator for its private equity real estate fund, the 100 Mile Fund. Cortland clients in- clude some of the country’s leading private equity firms with $11 billion under ad- ministration. Cortland will provide enhanced investor servicing and other back office support and services for the Englewood Cliffs, NJ based Fund. Procida’s 100 Mile Fund completed its first operating year and antici- pates a 15% IRR net realized gains to its investors. The addition of Cortland to the fund’s professional teamwill increase the firm’s primary focus, providing bridge, mez- zanine and equity financing to the $2 million to $20 mil- lion real estate market in the ers “Pillar of the Industry Award.”
an elevator and mailroom. Rahway currently boasts a burgeoning downtown popu- lated with restaurants, shops and small offices. The town’s revitalization has been firmly underway following the ex- pansion and renovation of the local train station, which anchors the town’s Central Business District, as well as the inclusion of an adjoining public plaza, in the early 2000s. The second multifamily loan that CMC arranged was a $15-million, self-liquidating 15/15 loan that was secured with a major life company for a 236-unit project located in Woodbridge, NJ. The town- ship offers some of the best transportation options in the state, including train sta- tions at Metropark, Avenel and Woodbridge. In other news, Mark Scott’s Commercial Mortgage Capi- tal (CMC) announces that tri-state area. “This will al- low us to focus on what we do best and also enhance your checks and balances to en- sure accuracy and transpar- ency” said William Procida. Since inception in October 2011 the 100 Mile Fund has completed 27 transactions totaling over $50 million. “We have been very pleased to work with the profession- als at Procida Funding,” said Stephanie Golden, Manag- ing Director of Cortland. “Third-party administra- tion of private equity real estate funds is becoming the standard practice for Funds such as Procida. Our ser- vices bring transparency to investors and allow Procida to focus on what they do best. The breadth of expertise at Cortland administering real estate funds, limited partners, and the unique investment structures is a perfect solution for the 100 Mile Fund.” n
it has closed two office/flex financing deals for a total of $17.45 million. “The office lending en- vironment has been vis- ibly loosening up as of late and Commercial Mortgage Capital has been able to underwrite and successfully close several office financ- ing transactions in the past month,” noted Mr. Scott. CMC arranged a $9.4-mil- lion loan for a recently reno- vated two-building, 45,000 s/f office complex located directly at the Yonkers, NY train station. Major tenants include the New York State DMV, St. Joseph’s Hospital and The Energy Project. The office asset is part of i.Park Hudson, a 1.1 s/f mixed- use facility, which features an on-site café, conference rooms and additional park- ing. Most significant, the City of Yonkers has recently completed a $20-million
project to daylight the Saw Mill River, located directly in front of the property. In addition, Mr. Scott se- cured a 25-year, $8.05-million self-liquidating refinance loan for a flex office/ware- house complex located in South Brunswick, NJ. The property, Stouts Lane Busi- ness Complex, consists of three multi-tenanted, one- story modular industrial buildings containing a total of 150,000 s/f. 45 Stouts Lane contains 65,000 square feet and is 92.3% leased to seven tenants who occupy spaces ranging from 5,000 s/f to 20,000 s/f. Meanwhile, 49 Stouts Lane contains 40,000 s/f and is fully leased to Metaverse, an Internet-based art gallery. Lastly, 51 Stouts Lane comprises 45,000 s/f and contains spaces ranging from 2,500 s/f to 20,000 s/f. The building is 94.4% leased to three tenants. n
gage Capi- tal (CMC) , a leader in real estate finance that a r r a n g e s permanent, construction and mezza- nine loans
Mark Scott
for a wide range of com- mercial properties including multifamily, office, retail, industrial and healthcare facilities primarily in New York, New Jersey and Con- necticut, announced that it has closed two multifamily financing deals for a total of $34 million. “The two mul t i fami ly transactions speak to the strength of this market in the Tri-State region,” said Mr. Scott. “We have seen top- quality multifamily rental ENGLEWOOD CLIFFS, NJ — Procida Funding & Advisors , a leading real estate investment and ad- visory firm announced the closing of an $18 million bridge loan on behalf of its 100Mile Fund. The loan con- sists of 8 multifamily build- ings totaling 419 units. The main collateral is located in East Orange with additional collateral in West NewYork, NJ and Elizabeth, NJ. The firm’s founder Wil- liam Procida has been a prominent leader in the tri-state area real estate market for over 30 years, building over one billion dol- lars in projects and financ- ing more than two billion dollars. In addition to being a media commentator, with frequent appearances on CNBC and Fox Business, he has received the New York City “Developer of the Year Award” and the National Association of Home Build-
Procida Funding & Advisors fund’s $18m loan for 8 multi-family portfolio
Morris & Stewart of Cronheim arranges $8m in financing
Tolleson, AZ
TOLLESON, AZ - Dev Morris and Andrew Stew- art have arranged perma- nent financing of $8,000,000 for a 283,358 s/f distribu- tion facility. The 10-year fixed-rate loan was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was
locked in March 2012 for a forward commitment to fund the loan once the existing loan opened to prepayment at par in October 2012. The subject property is a single- tenant light manufacturing and warehouse facility. The building has a net rentable area of 283,358 s/f, with clear ceiling heights of 30 feet. n
A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal
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F inancial D igest
Honored during a meeting of the Philadelphia Chapter of the Appraisal Institute Mid-Atlantic Valuation Group’s Crognale receives MAI designation
P
HILADELPHIA, PA — John Crognale, Mid-Atlantic Valua-
types of properties, and who advise clients on real estate investment decisions. The designation was granted in November 2012 and Crog- nale was honored during a meeting of the Philadelphia Chapter of the Appraisal Institute. By earning the MAI desig- nation, Crognale has joined an elite group of apprais- ers who have met rigorous professional requirements relating to education, test- ing, experience and dem-
onstration of knowledge, understanding a nd ability. The MAI designation is earned upon the successful completion of a graduate-lev- el curriculum, which includes a comprehensive exam, a written demonstration ap- praisal report and attaining 4,500 hours of qualifying ex- perience requirements. Also, designees must abide by both the appraisal profession’s Uniform Standards of Pro- fessional Appraisal Practice (USPAP) and the Appraisal
Institute’s Standards of Pro- fessional Practice and Code of Ethics. MAIs are recognized ex- perts in appraising proper- ties of all kinds and form a business network encom- passing markets nationwide and around the world. Cur- rently, about 5,650 real es- tate appraisal professionals hold the MAI designation, with another 7,900 practitio- ners seeking it. The Appraisal Institute is a global membership as-
sociation of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to ad- vance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advo- cates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional educa- tion and advocacy programs, and may hold the prestigious MAI, SRPA and SRA desig- nations. n TerraCRG arranges $12.7m in first mortgage financings Brooklyn, NY — Ter- raCRG announced $12.7 million in debt financing on recently arranged loans for several properties. TerraCRG arranged a $4.25 million, five-year fixed-rate first mortgage refinancing for an industrial property over 100,000 s/f in size. TerraCRG completed a $3 million, two-year floating rate first mortgage acquisi- tion financing for a 62,000 s/f industrial site. TerraCRG arranged a $5.45 million, five-year fixed-rate first mortgage acquisition financing for a multifam- ily portfolio comprised of six multifamily and mixed-use properties in the Bedford Stuyvesant neighborhood of Brooklyn, NY. Efrat Sharon, senior vice president of debt financing at TerraCRG, represented the firms. “We have been seeing in- creased levels of activity in the debt markets,” said Efrat Sharon, senior vice president of debt financing at TerraCRG. “Banks are looking to invest their capital in fixed-rate per- manent loans for stabilized assets, as well as in bridge transactions for transitioning properties with potential for upside.” n
tion Group i n Wa y n e h a s b e e n awarded the Appraisal Institute’s MA I d e s - i g n a t i o n , w h i c h i s held by ap-
John Crognale
praisers who are experienced in the valuation and evalu- ation of commercial, indus- trial, residential and other
Mid Atlantic Real Estate Journal — January 11 - 24, 2013 — A
www.marejournal.com
$33,303,000
Jefferson At Maritime 55/77 North Water Street South Norwalk, CT 136 unit loft style apartment building and 28,175 square feet of office space
The undersigned arranged the above financing
RICHARD T. HOROWITZ
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
Real estate Financing
A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
MAREJ M onthly S ales and L ease R e port As Reported In The Mid-Atlantic R eal E state J ournal ~ D ecember 21 - J anuary 10, 2013
Seller/ Owner/ Lessor
Rep. of Seller/ Lessor
Buyer/ Tenant/ L ssee
Rep. of Tenant/
Seller/ Owner/ Lessor
Rep. of Seller/ Lessor
Buyer/ Tenant/ Lessee
Rep. of Tenant/ Buyer
Property
Property Name
Address
Price Buyer Price
Size
Desc. S/L PG Desc.
Name
A dre s
Size
S/L PG
2000 Kubach Rd.
Philadelphia, PA
CBRE
Carter Validus
$65m
121,000 SF Ind.
S
FC-A
Mission Critical REIT American Red Cross Navy Federal C. U.
Heller Ind. Pk.
Somerset, NJ Herndon, VA Vienna, VA
Heller Industrial Parks
Donation 200,000 SF Ind.
L L L S S
3A 6A 6A 6A
12851 Worldgate Dr.
Inland RE Trust
Ezra Co.
80,582 SF
Off.
1900 Gallows
Brandywine Realty Trust
Management Analysis Ezra Co.
Wingate
York, PA
Prime Hotels Mack-Cali
MBA Hotel Brokers Jerome Kranzel
Shree Sai Siddhi York MBA Hotel Brokers
$6.1m $19.9m
Moorestown Corp. Ctr. Mount Laurel, NJ
Keystone
JLL
222,823 SF Off.
FC-B
301 Harper Dr. 304 W. Rte. 38
Moorestown, NJ
Computer Sciences Corp.
G&M Investments
WCRE
100,000 SF Off.
S
FC-B
1400 Sherman Ave.
Pennsauken, NJ East Orange, NJ
Stack Trans. Svcs.
Colliers Int’l. SNJ
30,000 SF 273 Unit 404 Unit 32,000 SF 21.431 SF
Ind.
L S S S L
2B 5B 5B 6B 6B
Gaia Pk. View
Gaia RE Investments
HFF
SDK Apts.
$39.3m
Multifamily Multifamily
Bellville Pk.
Bellville, NJ Chester, NJ Summit, NJ
Treetop Dev.
$39m $10m
2-4 Mill Ridge Ln. Summit Corp. Ctr.
NorthMarq NJ
Off. Off.
Silverman Grp.
CBRE
Hub Int’l.
NGKF
The Highlands
Morristown, NJ
Woodmont Props., Roseland Props.
Godfather’s Brick Oven
4500 SF
Retail
L
6B
570 Broad St. 275 Huyler St.
Newark, NJ
Berger Org.
Citizen Schools
3000 SF 19,720 SF 2500 SF
Off. Ind.
L L L S S S L S S L L S L S S S S S L L S L L S S S L L L L L L L S S S S S L L L S S L L L S L S L L S L L S S L S S S S S S S S S L L L L L L L
7B 8B 8B 8B 8B 8B 9B
S. Hackensack, NJ
NAI Hanson
High Quality Custom Design
17-15 Maple Ave.
Fair Lawn, NJ
Bajzath Rehab. Facility NAI Hanson
Medical
Blk. 44, Dover Chester Rd. Randolph, NJ
HAMC
NAI Hanson NAI Hanson NAI Hanson
4 Acres
Land Retail
1713 Springfield Ave. 1734 Springfield Ave.
Maplewood, NJ Maplewood, NJ Parsippany, NJ
Wyman Ford Wyman Ford Prism Cap. Ptrs.
NAI Hanson NAI Hanson
Dollar Tree Dollar Tree
Lot
399 Jefferson Rd. Saddle Brook Ctr.
Biomet
Cushman & Wakefield
102,000 SF Off.
Saddle Brook, NJ
Marcus & Millichap NJ Marcus & Millichap NJ
Lowenstein Sandler, PC $7.15m Marcus & Millichap NJ $3.4m
24,623 SF 55 Stes. 4004 SF 2828 SF 20 Unit 28,000 SF 29,400 SF 16,000 SF 97,500 SF 20,000 SF 43,000 SF 12,000 SF 25,000 SF 2288 SF 1200 SF 39,294 SF 4800 SF 3900 SF 2100 SF 3420 SF 4200 SF 1120 SF 2360 SF 6679 SF 15,360 SF 11,000 SF 8238 SF 4000 SF 1200 SF 1000 SF 13,000 SF 11,664 SF 9800 SF 6675 SF 5000 SF 750 SF 1683 SF 8713 SF .40 Acre 3051 SF 4200 SF 80,000 SF 12 Units 920 SF
Retail
10B 10B 11B 11B 11B
2810-2816 Morris Ave. Union, NJ
Off. Off. Off.
One Meadowlands Plaza Saddle Brook, NJ KBS Capital Advisors One Meadowlands Plaza Saddle Brook, NJ KBS Capital Advisors
CBRE CBRE CBRE Matrix
Ameream Mgmt.
DBR 360
44 12th Ave.
Patterson, NJ Greencastle, PA
Multifamily
1200 S. Antrium Way
Matrix
World Kitchen
NAI Hiffman, NAI CIR
1.03 Million SF Whse/Dist
FC-C FC-C FC-C FC-C
825 S. Keyser 745 N. Keyser Four Skyline Dr. 610 Alpha Dr.
Scranton, PA Scranton, PA
Hinerfeld Hinerfeld
Creek Bend Realty
$800k $750k $705k $3.9m $1.2m
Ind. Ind. Ind. Ind.
WREP Assoc.
S. Abington, Twp., PA Hinerfeld
O’Hara Twp., PA
RIDC
Tsudis Chocolate Co.
2C 2C 3C 3C 4C 4C 4C 5C 5C 5C 5C 5C 5C 5C 7C 7C 7C 7C 8C 8C 8C 8C 8C 8C 8C 9C 9C 9C 9C 9C 9C 9C 9C 9C
Arrowhead Bus/Ind. Pk.
Kutztown, PA Reading, PA
RGC Dev., LV Bldg. Sys.
The Frederick Grp.
B. Reed, B. Miller
Ind./Land
Stone Pointe
Auburn Land Dev.
TAB Inds.
Century 21 Park Road
Whse.
2191 Hornig Rd.
Philadelphia, PA Allentown, PA
Anvil Const.
Roddy
CMH Space Flooring Roddy 6352 Chapman’s Rd. LP NAI Summit
Flex
6352 Chapmans Rd.
Modern Handling
Whse.
4647 Saucon Creek Rd. Center Valley, PA
Fiber Focus Deploy HR TOC Oberlin
NAI Summit
Off. Flex Off.
941 Marcon Rd. 1801 Oberlin Rd. 7830 Witmer Dr. 2120 Fisher Rd.
Allentown, PA
HAF Inc.
NAI Summit
Lwr. Swatara, Twp., PA Swatara, Twp., PA
NAI CIR
NAI CIR
$650k
Advance Flooring Grp. NAI CIR
Comm’l. Medical
Upper Allen Twp., PA McKendry
NAI CIR
D. Gunder DDS
NAI CIR NAI CIR
The Shoppes at Pittston Pittston, PA
T. Williams
KW Comm’l.
U of Pitts
Flex Off. Off.
5223 E. Simpson Ferry Rd. Hampden Twp., PA
Gladstone Grp.
Romberger Memorials NAI CIR
100 N. 10th St. 4700 Westport Dr. 525 Hillcrest Rd.
Harrisburg, PA
Baker & Co.
Gladstone Grp.
Lwr. Allen Twp., PA Lower Allen Business Ctr. Gladstone Grp.
CPO2
NKGF
Whse/Flex
York, PA
Hillcrest Road Props.
Bennett Williams
Blondie’s
Bennett Williams Bennett Williams Bennett Williams
Retail Retail Retail Retail
320 E. Philadelphia St. York, PA
CFR Realty
Hong Bao 9 88 Dragons
1715 Lincolnway East Chambersburg, PA GBR Lincoln Hwy.
500 Walker Rd. 100 Penn St. 581 W. Chestnut 1345 Spahn Ave.
Chambersburg, PA Gateway Ventures
Bennett Williams
K. Stake
Hanover, PA Hanover, PA
ROCK
Webster Inv. Grp,
$640k
Medical
Bennett Williams
Quinn Flags
ROCK ROCK
$412.5k
Ind. Ind.
York, PA York, PA Red Lion York, PA York, PA York, PA
ROCK ROCK ROCK ROCK
M. Peritz
$210k $410k
2665 Blackthorne Ct.
York Cty. Solid Waste ROCK
6.11 Acres Ind./Land
411 Delta Rd.
Moore Muscle Gym
ROCK
Land
867-885 Clare Ln. 2738 S. Queen St.
Dropeez
Off. Off.
York Computer Repair ROCK
170 Derry St.
Schmidt Baking Co. First National Bank
Landmark Landmark Landmark Landmark Landmark
BLW Holdings
Landmark
$410k
Whse.
2600 Commerce Dr. 840 Market St. Hillside Corp. Ctr. 5013 Trindle Rd. 6400 Flank Rd. 2301 Walnut St. 600 E. Simpson St. Rte. 61 Dist. Ctr. Forest Hills
Harrisburg, PA Lemoyne, PA
Commerce Park Ventures CBRE
Off.
One Thirty Co.
Dollar General
Bennett Williams
Retail
York, PA
Mzinga
JLL
Off.
Mechanicsburg, PA
Anrol Yvier Mgmt.
Landmark Landmark Landmark Landmark
Comm’l.
Harrisburg, PA Harrisburg, PA
SSAV
Off. Off.
Corp. Office Props. Trust Landmark
Precisian Wireless
York, PA York, PA
Forney
Landmark Landmark
B&B Mgmt. Bistro 600 Stericycle
Comm’l. Comm’l.
Simpson Street Realty
Berks Cty., PA Bethlehem, PA Bethlehem, PA
Brasler Props. Veranda RE
NAI Keystone Colliers Int’l. Dietrick Grp.
ReMax of Reading
Off/Whse
IBC-C IBC-C IBC-C IBC-C FC-A
PNC Bank
Providence Props.
Colliers Int’l.
Land
6583 Ruch Rd.
Associated Power Solutions Dietrick Grp.
Whse/Off Med/Off
7001 N. Route 309 141 Fieldcrest Ave. 211 Woodward Antrium Commons
Coopersburg, PA
St. Lukes
Dietrick Grp.
Edison, NJ
Bussel
Bussel
A Panza & Sons
Bussel
Ind/Dist
Jersey City, NJ Pittsburgh, PA E. Rutherford, NJ Carneys Pt., NJ Washington, DC Buffalo, NY Lebanon, PA Baltimore, MD Hometown, PA Hicksville, NY Pennsauken, NJ Ocean Twp., NJ Langhorne, PA Pennsauken, NJ Dumont, NJ
SELA Props.
$715k
Multifamily
3A 4A 5A 5A 2A 9A
Atapco, Chesapeake
Armada
400,000 SF Ind/Off
Station Sq.
Gebroe-Hammer Gebroe-Hammer
$12.35m 84 Units
Multifamily Multifamily
34-38 Grant Ave. The Spare Room
Gebroe-Hammer
$2.75m
24 Units 36,400 SF 297 Units
Marcus & Millichap Phila.
Marcus & Millichap Phila. $1.7m
Storage
Allegro
Federal Capital Ptrs.
HFF
Prudential RE Invs. Benderson Dev.
Multifamily
Cheektowaga Plaza
NAI Summit
$10.5m
209,000 SF Retail
11A 14A 14A 14A 14A 15A 15A 15A 15A 15A 16A 28A
CVS
Marcus & Millichap Phila. Marcus & Millichap Phila. Marcus & Millichap Phila.
Marcus & Millichap Marcus & Millichap
$5.946m 13,225 SF $4.811m 15,120 SF
Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail
Walgreen’s Turkey Hill
Marcus & Millichap Phila. $1.35m
6316 SF 11,000 SF 45,524 SF 21,600 SF 17,405 SF 8164 SF 7650 SF 43,842 SF 4580 SF
400 Old Country Rd.
Breslin
Breslin
Chief Equipment
$2.25m
The Point
Sauken Assoc.
Glimcher Grp.
Restaurant Equippers Metro Comm’l.
1500 Rte. 35
Avalon Carpet Tile The Tile Shop David’s Bridal Pet Supplies Plus
Metro Comm’l.
2270 E. Lincoln Hwy.
Metro Comm’l., Great St
Northeast Plaza
Kimco Realty
Metro Comm’l.
The Shops at Blue Bell Blue Bell , PA
Levin
City Point
Brooklyn, NY Baltimore, MD
Charter Realty Bunting Grp.
Alamo Drafthouse Cinema
217 Int’l. Circle
Cushman & Wakefield
HighTower Holding
S HOPPING C ENTERS N EW J ERSEY
Mid Atlantic Real Estate Journal — New Jersey — January 11 - 24, 2013 — 9A
www.marejournal.com
OODBRIDGE, NJ —The past year has been a stellar one Acquires three new properties and completes 61 lease transactions Bergman Real Estate Group’s transactions total $22 million+ W
the transactions total 240,246 s/f, with an aggregate rent value exceeding $22 million. Additionally, Bergman con- tinued to grow its portfolio in 2012, announcing three significant acquisitions during the year: • In a joint venture part- nership with Time Equities, Inc., Bergman purchased 51 Haddonfield Rd., a three-story, 96,000 s/f office building in
lease transactions included: • Seven new leases, total- ing 24,000 s/f, were signed at 155 Passaic Ave. in Fairfield. This raises occupancy at the four-story, class A building to 84 % — up from 60% at the beginning of 2012. • Hudson City Savings Bank expanded its lease at 45 Eisen- hower Drive, a classAbuilding in Paramus, by 11,000 s/f, to a total of 38,301 s/f, bringing the year-end occupancy to 86%. • ZT Group International, Inc., signed a new lease for 23,451 s/f of space at 333 Meadowlands Parkway, a five-story office building in Secaucus, bringing occupancy to 87%. • Atlantic Imaging, Inc., signed a new lease for 8,741 s/f of space at 110 South Jefferson Rd., part of the two-building Jefferson Plaza office complex in Whippany. Year-end occu- pancy is 88%. • Index Engines renewed its 18,200 s/f lease at Holmdel Ex- ecutive Center, a two-building office complex in Holmdel. ■
for Bergman Real Estate Group . The privately owned real estate investment firm, which owns and manages of- fice properties throughout New Jersey, announced that it com- pleted 61 lease transactions in 2012. Made up of 70 % new tenant transactions and 30 % lease renewals and expansions,
51 Haddonfield Road
JANUARY 11 - 24, 2013
Cherry Hill. • Also as part of a joint ven- ture with Time Equities, Berg- man purchased 155 Passaic Ave., a four-story, 88,000 s/f office building in Fairfield. • In a joint venture part- nership with Gottesman Real Estate Partners, Bergman purchased Aspen Corporate Center, an office complex that features two 45,000 s/f, three- story office buildings located at 1460/1480 U.S. Hwy. 9 North in Woodbridge. “This year’s results are an excellent indicator of an im-
proving office market in New Jersey,” said Michael Berg- man, president and CEO of Bergman Real Estate Group. “Seeing positive absorption throughout most of our port- folio is extremely encourag- ing for Bergman Real Estate and the local commercial real estate market as a whole. On the acquisition front, we will continue to seek out well-lo- cated, value added suburban office and medical office prop- erties, as prices continue to be attractive.” Bergman’s notable 2012
HI-LIGHTS
Gebroe-Hammer arranges $16.55m multi-family sale
Monmouth County’s sea- shore locale, where Ge- broe-Hammer Associ- ates recently finalized the $16.55 million sale of 172 units at Chesterfield Gar- dens in Freehold Township. See page 10A.
deVarenne & Mallaney represent the seller CBRE announces $16.8m sale of 701 Union Boulevard
Cushman &Wakefield handles sale of $7 million portfolio
Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the sale of a 162-unit apart- ment portfolio in Neptune. Three propertiestraded from their original owner for $7 million. See page 13A.
TOTOWA, NJ — CBRE an- nounces the $16.8 million sale of 701 Union Blvd. to Digital Realty Trust . The deal was brokered by Jeffrey Dunne , Kevin Welsh and Brian Schulz of CBRE’s NewYork Institutional Group along with Remy deVarenne and Tom Mallaney of CBRE’s Saddle Brook office, which rep- resented the seller Hoffmann- La Roche Inc. (“Roche”). 701UnionBlvd. is a271,800± s/f industrial property New ownership intends to significantly supplement the existing infrastructure and create a state-of-the-art data center with 15.75 megawatts of critical IT load capacity to meet future demand in this
ALSO INSIDE:
N ORTHERN N EW J ERSEY S POTLIGHT ........................ 15A ICREW NJ O RGANIZATION ..................................... 20A P EOPLE ON THE M OVE ............................................. 22A
701 Union Boulevard
key corporate enterprise mar- ket. Kevin Welsh had the follow- ing comment on the sale: “701 Union Boulevard is an ideal fit for Digital’s current portfolio in the New York Metro market area which is nearing capac-
ity, and the site enables it to meet future demand for highly reliable data center space. The redevelopment of the existing building coupled with addi- tional land for new development offers considerable upside po- tential for Digital.” n
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